No More Pennies Being Produced in Canada
Sad news today for those who loved collecting pennies, The Royal Canadian Mint has officially ended its production and distribution of one-cent coins.
This comes after a year when Finance Minister Jim Flaherty announced that the penny would no longer be produced.
Flaherty cited rising production costs as the reason for the penny’s demise.
The move will save the Government nearly $11 million a year as the penny costs 1.6 cents to produce.
Google has even gotten into the send-off for the penny as it dedicated Monday’s Google Doodle to the copper-coin.
Fear not penny-lovers, as there are currently over 6 billion pennies in circulation.